“We’ve received $1.5 billion in requests from nearly 1,000 companies,” a Brex spokesperson said. “We are trying to raise as much capital as we can.”
Henrique Dubugras, CEO of the fintech company Brex, is working to pull together more than $1 billion in funds to provide bridge loans for startups affected by the Silicon Valley Bank collapse.
“As of yesterday, we’ve received $1.5 billion in requests from nearly 1,000 companies,” a spokesperson for Brex told Insider. “We are trying to raise as much capital as we can.”
The spokesperson told Insider the funds are intended to help startups make payroll next week and stay afloat while their money is tied up. Dubugras joins several other tech leaders who led fundraising efforts this weekend — including OpenAI CEO Sam Altman who reportedly gave six-figures to the CEO of Rad AI — after Silicon Valley Bank was shut down by regulators on Friday.
